- January 25, 2018
- Posted by: Joey Benedid
- Category: Market News
The dollar index remains under pressure after breaking below key support at 90.00 and now targets channel support at 86.80 (see chart). Momentum indicators are warning of oversold conditions but with headlines & emotion dominating trading, technical and fundamentals are taking a back seat at the moment. The ECB has left rates unchanged as the EUR trades at 3 year highs and Sterling remains near 19 month highs after Wednesday’s UK jobs report bolstered the Pound.
USD/CAD has stalled at the 1.2300 level as the BoC’s Poloz maintained the Bank is data dependent and NAFTA is their biggest concern in a speech he gave to conference delegates in Davos today. This morning’s core retail sales data due out at 8:30 AM EST is expected be unchanged month over month at 0.8% with the market keeping an eye on this release.
